NEW YORK, Oct. 24, 2016 /PRNewswire/ --
The global cold pain therapy market is estimated to grow at a CAGR of 5.0% from 2016 to 2021 to reach USD 1,087.7 million by 2021. The adoption of cold pain therapy products is rising across the globe due to the growing adoption of analgesic patches, increasing aging population, growing use of cold pain therapy among middle-aged women, and the rising preference for self-care. However, a lack of reimbursement for cold pain therapy, absence of clinical evidence in the favor of cold pain therapy, and significant health hazards and discomfort related to cold pain therapy products are restraining the growth of this market.
The global cold pain therapy market has been segmented on the basis of products into OTC [pharmaceuticals (gels, ointments, and creams, sprays and foams, patches, and roll-ons) and medical devices (cold packs, cooling towels, compress, wraps, and pads)] and prescription-based devices (motorized and non-motorized devices); application (musculoskeletal disorders, sport medicine, post-operative, post-trauma, and physical therapy); and region (North America, Europe, Asia-Pacific, and the Rest of the World).
The musculoskeletal disorders application segment is expected to account for the largest market share in 2016 and projected to grow at the fastest CAGR during the study period. The availability of a large number of OTC pain management products for musculoskeletal disorders, instant pain relief provided by cold therapy products, and increasing trend of self-care are some factors driving the growth of the musculoskeletal disorders market.
Geographically, North America is expected to command the largest share of the global cold pain therapy market in 2016, followed by Europe. The growth in the North American market is primarily driven by various factors, including the large number of surgeries, stringent regulations on opioid prescription, and new product launches.
In 2015, the global market was dominated by Hisamitsu Pharmaceutical Co., Inc. (Japan), 3M Company (U.S.), and Breg Inc. (U.S.). New product launches, agreements and contracts, and mergers are the major strategies adopted by market players to strengthen their presence and increase their share in the cold pain therapy market.
This report studies cold pain therapy market based on product and application. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, future prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
This report strategically profiles key players involved in the manufacturing and commercialization of cold pain therapy products and comprehensively analyze their market shares and core competencies. The report tracks and analyzes competitive developments such as new product launches, contracts, and agreements in the market.
Reasons to buy the Report:
From an insight perspective, this research report focuses on various levels of analysis—industry analysis, market share analysis of the top ten players, and detailed company profiles—which together comprise and discuss basic views on the competitive landscape, emerging and high-growth market segments, high-growth regions and countries, and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them in garnering a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market share.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on cold pain therapy products offered by the top 10 market players. The report analyzes the cold pain therapy market by product and application
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the cold pain therapy market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for cold pain therapy solutions across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the cold pain therapy market
Competitive Assessment: In-depth assessment of market shares, strategies, products, of leading players in the cold pain therapy market
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